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[4 min watch] What are my medical practice exit strategies?
As the owner of a medical practice, there comes a time in your career where you start to think about what you will do with your practice when it is time to move on. Whether you are looking to retire, step away from the burden of administrative and operational duties, or make a return on your investment, every medical practice owner needs an exit strategy.
In this short video, Paul Elmslie (Founder & CEO of National Skin Cancer Centres) talks about the various exit strategies available to you, including selling the practice or undertaking a Management Buy Out (MBO) whereby employees within your practice take over the business over time.
When relinquishing your ownership of a medical practice, you need to be comfortable that the new owner has the best interests of the practice and patients at heart. Paul explains how your core values must be aligned in order for the transition to work.
Another factor to consider when selling your practice is how you are going to be paid. Will it be an immediate lump sum? Will you be paid a percentage over time so you can gradually be phased out of the practice ownership while still working in the clinic?
Learn all this and more in the video below.